1. Trade Profile I Store Footprint | FY2018
Report updated:
April 2019
Next update:
September 2019
Trade Profile I Store Footprint | FY2018

2. Store Footprint Massmart Divisional Store Footprint
As at the end of December 2018, the Massmart Group had 436 stores across four trading divisions (excluding franchises and buying groups) across 13 Sub-Saharan countries with 1,648,718m² trading space
During FY2018, 19 stores were opened and 6 closed resulting in +2.2% more trading space
Massdiscounters continues to be the biggest contributor to the store portfolio at 39% of stores, the division is still the biggest contributor to trading space at 34%
Masswarehouse is only 5% of store count but 14% of trading space
Group CAPEX has been focused on IT upgrades on store refurbishment
During FY2018 the distribution centres for Massdiscounters and Makro joined to form Massmart Logistics, a business unit to be used as a Group asset in an effort to improve efficiencies and cost recoveries
SOURCE: Massmart Holdings

3. Store Footprint Massmart Divisional Store Footprint cont.
Massdiscounters
This is Massmart’s largest division by store footprint with 171 stores, accounting for 39% of the Group’s portfolio
The net increase of +5 stores takes the total to 171 (FY2017 : 166 stores)
Game has a total of 146 stores with 5 openings (+3 in Non-SA and +2 in SA) and 1 closure in SA 2
In five years only net 6 new Game SA stores have opened
New format rolled out to 12 stores (6 in SA, 6 in Non-SA), trading density reportedly +17% and shelf-space sales density +8.5%
DionWired has 25 stores, with 3 stores opening and 2 closing in SA
Trading space +2.2% in FY2018 from 548,544m² to 560,828m², accounting for 34% of the Group’s trading space. Trading space has increased +11.8% over the last five years
Masswarehouse1
Masswarehouse’s portfolio remained at 21 in FY2018, five year growth %
Trading space unchanged at 231,021m², five year growth +18.0% 3
All Makro stores are in South Africa
Game Pavilion
DionWired Canal Walk
SOURCE: Massmart Holdings
NOTE: 1 Makro Cornubia (KZN) opened in March 2019, 2 CAGR (compound Annual Growth rate) space growth over five years is reported at only +0.9% for Game SA, Game Non-SA +13.2%. 3 CAGR space growth for Makro +4.2% over five years
Makro Riversands

4. Store Footprint Massmart Divisional Store Footprint cont. Massbuild
Massbuild has a total of 114 stores as at December 2018 (FY2017: 108 stores), growth +24.0% over five years
Builders Express has a total of 48 stores after 4 new stores opened (3 in SA,1 in Non-SA)
Builders Warehouse has a total of 39 stores, with +1 in Mozambique
Builders Trade Depot has a total of 13 stores after 2 closures, with strategic closures over the last five years
Builders Superstore has 14 stores after 4 opened and 1 closed in SA
Massbuild trading space increased +2.6% from 456,313m² to 468,155m², five year space growth +5.8%1
Masscash
Masscash is the second largest division in terms of store footprint, with 130 stores
Masscash Wholesale has 68 stores, unchanged in FY2018, however this is below the 87 stores from 10 years ago
Masscash Retail has 62 stores, having opened 2 new stores in SA in FY2018, +32% growth in five years
Masscash2 trading space increased +3.1% in FY2018 from 377,038m² to 388,714m², five year growth at -3.2% due to reduction in space during FY
Builders Trade Depot Rossburgh
Rhino Cash & Carry Matubatuba
Cambridge Food Cosmo City
SOURCE: Massmart Holdings
NOTE: 1 CAGR (compound Annual Growth rate) space growth over five years is reported at only % for Builders SA, +22% for Non-SA. 2 CAGR space growth for Jumbo SA -1.8% over five years and +7.1% for Cambridge SA

5. Store Footprint Massmart Divisional Store Footprint cont.
Divisional Trading Space
2014
2015
2016
2017
2018
five year % change
Massmart Group
7.1%
Massdiscounters
7.8%
Masswarehouse
18.0%
Massbuild
5.8%
Masscash
-3.2%
SOURCE: Massmart Holdings

6. Store Footprint Non-SA Store Footprint
Africa (Non-SA) continues to be a growth area for Massmart with 47 stores across 12 countries.
Growth in portfolio remains strategic, 3 net new stores opened in FY2017 and 1 in FY2016
During FY2018 the Group opened 5 new stores, there were no closures
Game opened 3 new stores, 2 in Ghana and 1 in Kenya taking the number of Game stores to 26 across 11 countries
Massbuild opened 2 new stores, 1 Builders Express in Mozambique and 1 Builders Warehouse in Zambia, totalling 8 stores in 3 countries
Masscash remains at 13 stores across 6 countries
Botswana is the largest African market by store count with 11 stores (7 are Masscash), contributing 23% to the Non-SA store numbers
Ghana doubled to 4 stores, now matching Nigeria and Namibia
Swaziland is the only listed country to not have a Game store, it has 1 Masscash store
Zambia has reported steady portfolio growth, with 1 – 2 new stores every year for the last four years
Retail space increased +5.8% to 229,269m2 accounting for 14% of the Group’s trading space
SOURCE: Massmart Holdings
NOTE: Totals may vary due to source and timing

7. Trading Space as at the end of Dec 2021
Store Footprint
Planned Store Numbers to December 2021
By the end of December 2021 Massmart have planned to have opened an additional 43 stores and increase their trading space by +7.6% to 1,774,263m2
30 SA stores and 13 Non-SA Stores
Planned Stores to December 2021
Net New Stores
Stores as at end of Dec 2021
Trading Space Growth
Trading Space as at the end of Dec 2021
Massmart Group
+43
479
+7.6%
1,774,263m2
Massdiscounters
+14
185
+7.0%
600,225m2
Masswarehouse +1 22
+5.3%
243,328m2
Massbuild
+11
125
+8.0%
505,466m2
Masscash
+17
147
+9.4%
425,244m2
The additional 30 SA Stores are :
7 Massdiscounters (6 Game, 1 DionWired) to increase trading space +7.0%
Masswarehouse: 1 Makro, +5.3% space
9 Builders (1 Builders Warehouse, 2 Express and 6 Superstores), +8.0% space
13 Masscash (all Retail) +9.4% space
With CAPEX focus on IT and the slow SA economy the Group has reportedly begun curtailing new stores plans to focus on reducing working capital and manage cash flow
Non-SA New Store Plan to December 2021
Game
Builders Warehouse
Masscash Retail
Masscash Wholesale
Total
Non-SA 7 2 1 3 13
Zambia 5
Kenya 4
Lesotho
Swaziland
Botswana
Namibia
The additional 13 Non-SA Stores are to increase trading space by +17% (31% of the Group’s net new space) 1 :
7 Massdiscounters (all Game)
2 Builders (2 Builders Warehouse)
4 Masscash (1 Retail, 3 Wholesale)
Zambia gaining 5 stores and 14,002m 2 trading space
Kenya opening 4 stores ,including expanding into Builders Warehouse, gaining 14,002m 2 trading space
SOURCE: Massmart Holdings
NOTE: 1 CAGR (compound annual growth rate) is +7.8%

8. Maryla Masojada. |. Head Analyst Carey Leighton. |
Maryla Masojada | Head Analyst Carey Leighton | Associate Economic Analyst